5% interest on prepaid savings accounts
http://www.doctorofcredit.com/guide-to-5-interest-prepaidsavings-accounts/
It looks like there's a max of $5,000 per account but you can have up to 7 accounts. I'm planning on starting with 1 and if everything goes ok I'll move everything in my emergency fund and car replacement fund over to them.
Posted Jan 23, 2016, 7:16 PM UTC
04
pass... read the fine print on these accounts...
there's no free lunch
Care to expound?
Looks like you need a 1 time direct deposit of $500 or more. Not a big deal, I can have my HR switch my direct deposit every pay period so I can start a new account every 2 weeks. Then you need to transfer money in or out every 3 months to avoid a $5.95 inactive account fee. Doesn't seem like many hoops to jump through for 5‰.
Oh yeah. HR will love you for that. I can't tell you how pissed I'd be if an employee came in and requested a change of account for direct deposit every two weeks. Paperwork, paperwork.
Also, we had to do a test deposit on a new account on one payroll before we would deposit an entire check on the next one.